Best online brokers in Spain in 2026

With many online brokers in Spain, finding the best one can be challenging.

Our extensive experience in this field, reviewing and monitoring dozens of online brokers daily, will guide you in finding exactly what you need, whether it’s earning interest on cash, a platform for ETFs, or trading forex.

In this article, we’ll present and compare the best trading platforms in Spain that we identified based on our experience.

Best online brokers in Spain in 2026

Short on time? Check out our top picks for the best online brokers in Spain:

1. Interactive Brokers: The best online broker in Spain overall. On the downside, it might be a bit overwhelming for beginners
2. eToro: Best commission-free ETF investing
3. Scalable Capital: Best for automated investment plans
4. XTB: Best for forex
5. Saxo Bank: Best for experienced investors
6. DEGIRO: Best discount broker

For a list of brokers we do not recommend, you can visit our full list of broker reviews, and filter by “Not recommended”.

One of the best trading platforms available in Spain is eToro, an international online broker with 40 million registered users across 75 countries trading stocks, ETFs, and cryptocurrencies. It is best known for its social trading feature, which lets you replicate the trades of experienced investors through CopyTrader. Thousands of verified Popular Investors are available, and you can select based on past return on investment, risk score, drawdown, and other published metrics.

The platform publishes more than 9,600 stocks and 1,260 ETFs, including real shares from US, UK, and major EU exchanges, among them BME (Bolsa de Madrid) for Spanish equities such as Banco Santander (SAN.MC). Unleveraged long positions are real shares held in your name. Leveraged or short positions are CFDs. Users can also invest in Smart Portfolios, ready-made thematic allocations grouping several assets or traders around a strategy such as AI, renewable energy, or dividend investing.

On pricing, ETFs trade commission-free regardless of transaction size or how the order is placed, whether manually, through CopyTrader, or via Smart Portfolios. Stock trades carry a $1 or $2 commission depending on the exchange and your country of residence (the higher tier covers the Australian, Hong Kong, Dubai, Abu Dhabi, and Tokyo exchanges), applied both when opening and closing a position. Whole and fractional shares are supported, with a minimum first deposit of $50 for Spanish residents. Note that eToro publishes only a $10 to $10,000 range and sets the figure by country, so confirm it at sign-up. Other fees apply.

Opening an account and depositing is straightforward, and you can practise first with a $100,000 virtual demo account.

Currency handling has changed in eToro’s favour and this is worth understanding before you fund an account. eToro no longer runs USD as the only base currency: eligible clients can hold a local-currency EUR account (provided by eToro Money Malta Ltd) alongside the USD account, and eToro states there are zero conversion fees when trading EUR-based assets using funds from the EUR account. Where conversion does happen, the published cost is 0.75% between the EUR and USD accounts, or 150 pips on EUR funded by card, e-wallet, online banking or bank transfer. Withdrawals are free from a local-currency account and carry a fixed $5 fee only from the USD account, with a $30 minimum there and no minimum from the EUR account. eToro has also dropped its inactivity fee, which its fee schedule now lists as free.

On the downside, spreads can be relatively high on some products, and eToro pays interest on the USD cash balance only, at 3% a year on $1 to $50,000 and 3.80% above $50,000, which has to be switched on in the Club dashboard. A Spanish investor who keeps cash in the EUR account to avoid conversion costs therefore earns nothing on it.

The eToro group is regulated by top-tier authorities including the FCA (UK), ASIC (Australia), and the SEC/FINRA (US), but the entity that matters to you is eToro (Europe) Ltd, authorised by the Cyprus Securities and Exchange Commission (CySEC) under licence 109/10. It serves Spain cross-border and appears in the CNMV’s register of EEA investment firms operating under freedom of services, number 2534, since April 2010. That registration is a passport notification, not a Spanish authorisation: prudential and conduct supervision stay with CySEC, and you are covered by the Cyprus Investor Compensation Fund up to €20,000 rather than by Spain’s FOGAIN. On top of the ICF, eToro (Europe) clients have private insurance placed with a consortium of syndicates at Lloyd’s of London, up to €1 million per eligible claimant above a €20,000 retention.

For crypto specifically, eToro (Europe) Ltd holds a MiCA authorisation from CySEC and entered the CNMV’s register of crypto-asset service providers in April 2025, covering custody, crypto-to-fiat exchange, order execution and reception, advice and portfolio management. eToro has been listed on NASDAQ (ticker: ETOR) since its IPO on 14 May 2025, and reported 4.28 million funded accounts and $19.2 billion in assets under administration for the second quarter of 2026.

Spanish tax note: eToro does not act as a Spanish retenedor, so nothing is pre-loaded into your AEAT datos fiscales and you declare gains and dividends yourself in your declaración de la renta (IRPF). Securities held abroad above €50,000 trigger Modelo 720, and because eToro is also a crypto provider, crypto balances held abroad above €50,000 go on the separate Modelo 721 instead.

If you want to learn more, check our eToro review.

Another exceptional trading platform available in Spain is Interactive Brokers. Trading since 1977, when the original business was set up as a market maker, and running a brokerage since 1993, it is publicly listed on NASDAQ (ticker: IBKR) and joined the S&P 500 on 28 August 2025. It is a global online broker that has weathered multiple financial crises, demonstrating resilience and a rigorous risk management framework, and reported 5.46 million client accounts in August 2026, up 35% on the year.

Interactive Brokers offers an advanced platform covering stocks, options, mutual funds, ETFs, futures, bonds, currencies, and cryptocurrencies across 170+ global markets, serving clients in more than 200 countries and territories. That includes BME (Bolsa de Madrid) for Spanish equities, where Interactive Brokers Ireland charges a fixed 0.05% of trade value with a €3.00 minimum, the Spanish MTFs, and EUR-denominated European government bonds over the counter. Trade execution is supported by IB SmartRouting, alongside a comprehensive set of technical and fundamental tools.

Beginners and intermediate investors have educational resources available through IBKR Campus, which houses Traders’ Academy, though the main TWS platform has a steep learning curve. Customer support typically provides clear, concise answers, reducing back-and-forth.

On the downside, the fee structure is comparatively complex, registration is lengthy (though fully online), and IBKR does not offer fully commission-free trading. However, factoring in FX conversion at 0.20 basis points (minimum $2), tight spreads, the Stock Yield Enhancement Program, and cash interest on uninvested EUR and USD balances, Spanish clients still achieve significant savings compared with most brokers. There is also no minimum deposit and native EUR base currency support. Two conditions are easy to miss on the interest: the first $10,000 of cash (or the equivalent) earns nothing, and the full rate applies only once your account value passes $100,000, scaling proportionally below that. Rates are quoted as a benchmark minus 0.5% and move with central-bank policy, so check them before counting on them.

Spanish clients are served by Interactive Brokers Ireland Limited, authorised by the Central Bank of Ireland (reference C423427) and listed in the CNMV’s register of EEA investment firms operating under freedom of services, number 5023. Your compensation cover is therefore the Irish Investor Compensation Scheme, which pays 90% of the loss up to a maximum of €20,000 per investor, not FOGAIN’s €100,000. As with other non-Spanish brokers, IBKR does not act as a retenedor, so IRPF declaration and potential Modelo 720 reporting fall to you.

Interactive Brokers also offers IBKR GlobalTrader, a mobile app for trading stocks, ETFs, and options, well suited to beginners and rebuilt in December 2025. It reaches 90+ stock markets rather than the full 170, and lets you deposit and trade in up to 29 currencies with conversion handled for you, buy fractional shares from $1, and practise with $10,000 in simulated cash.

Want to know more about Interactive Brokers? Check our Interactive Brokers review.

Founded in December 2014 in Munich, Scalable Capital stopped being just a fintech in September 2025, when it received a full banking licence from the European Central Bank and became Scalable Capital Bank GmbH, a credit institution supervised by BaFin and the Deutsche Bundesbank. In December 2025 it also took custody in-house: client securities were migrated off Baader Bank, which had been the custodian until then, and Scalable is now its own custodian. It reports more than 1 million clients and over €60 billion in client assets.

One point matters before you read further. Scalable runs two businesses: a brokerage, and a discretionary robo-advisor called Wealth that is sold only in Germany and Austria. Only the brokerage is available in Spain, so what a Spanish investor gets is the broker and its automated planes de inversión. That is why it earns its place here on recurring investing rather than on managed portfolios.

On the brokerage side the range is substantial. Scalable’s Spanish site publishes 8,000+ shares, 2,300+ ETFs (many UCITS-compliant), 2,600+ funds and 100,000+ derivatives, plus 32 cryptocurrencies through ETPs. Scalable publishes different counts on its German and Spanish sites, and the figures above are the Spanish ones. Trading runs on three venues: the European Investor Exchange (Hanover), which Scalable operates jointly with the exchange and which is the cheap route, gettex (Munich) and Xetra (Frankfurt).

The plan structure has been simplified to two, and the old three-tier line-up you may still find quoted no longer exists. There is FREE at €0 a month and PRIME+ at €4.99 a month. The distinction that actually decides your costs is order size, not just the plan: on PRIME+, orders of €250 or more cost €0 and anything smaller costs €0.99, while on FREE you pay €0.99 per trade and only the curated PRIME ETFs are free from €250 up. Routing through Xetra is charged separately for Spanish clients, at €3.99 per order plus a venue fee of 0.01% with a €1.50 minimum, so the flat-rate pricing is really about the Hanover venue.

The feature that justifies Scalable’s position in this list is its planes de inversión: recurring purchases from €1 per instalment with €0 execution cost, on either plan. For an investor who wants to buy the same world ETF every month and forget about it, that is cheaper and more flexible than most Spanish alternatives, and it is what “automatic investing” realistically means here.

Scalable also pays interest on cash, now that it is a bank: a savings account at 2.63% TAE (2.60% TIN), paid monthly with no balance cap, and a 12-month fixed-term deposit at 3% TAE. Note that cash sitting in the broker account itself earns nothing, so the money has to be moved across to earn the rate.

If it is a managed portfolio you are after, the Spain-domiciled robo-advisors are the realistic comparison, Indexa Capital and inbestMe among them. They carry a structural advantage no foreign provider can match: they withhold Spanish tax at source, and their fund structures allow traspasos.

On regulation, Scalable Capital Bank GmbH is a German credit institution licensed by BaFin under section 32 of the German Banking Act and supervised alongside the Deutsche Bundesbank, and it reaches Spain cross-border under freedom of services, appearing in the CNMV’s register of EU credit institutions as number 818. Because it is now a bank rather than an investment firm, the protection that applies to your cash is the German deposit guarantee at €100,000 per client per bank. PRIME+ spreads balances across Scalable and partner banks for up to five times that cover. Claims arising from securities business are capped by German statute at 90% of the claim with a €20,000 maximum.

One consideration specific to Spanish investors: Scalable Capital does not act as a Spanish retenedor, so gains and dividends must be declared via your IRPF return, and securities held abroad above €50,000 trigger Modelo 720. The traspaso point is worth being precise about, because it is the single clearest reason a Spanish resident might prefer a domestic provider. The tax-deferral regime of article 94 of the IRPF law lets you switch between investment funds without realising a gain, but it requires the purchase and sale to go through a marketing entity registered with the CNMV. A foreign broker is not one, so funds bought through Scalable, or through any of the other brokers in this article, cannot be traspasados however Spanish-compliant the fund itself is.

Founded in 2002 in Warsaw and publicly listed on the Warsaw Stock Exchange (ticker: XTB), XTB is a major European broker that reported 2.83 million clients at 30 June 2026, across more than 12 countries. It is the one broker in this list with a genuine Spanish presence: XTB S.A., Sucursal en España is registered as a branch with the CNMV under number 40, which means the CNMV supervises how it conducts business with you, rather than merely noting that it operates here. The group is authorised by the KNF in Poland, with further entities under the FCA in the United Kingdom and CySEC in Cyprus.

You can invest through xStation 5 and xStation Mobile across a broad product range including real stocks and ETFs (many UCITS-compliant), forex, indices, commodities, cryptocurrency CFDs, and vanilla options, which reached Spanish clients on 7 April 2026, American-style and initially covering 110 US-listed stocks and ETFs. XTB offers 0% commission on real stocks and ETFs up to €100,000 of monthly turnover (0.2% above, with a €10 minimum), and also applies 0% commission on stock and ETF CFDs. Currency conversion costs 0.5%.

Opening an account and transferring money is quick and fully online, with Spanish-language support available. For beginners, XTB provides a demo account to trade in realistic conditions before committing capital, alongside the XTB Trading Academy in Spanish. For intermediate and advanced investors, xStation 5 delivers a strong set of technical and fundamental tools to support investment decisions.

Two Spain-facing features are worth knowing about. Planes de inversión let you automate recurring purchases from €15 across more than 3,400 stocks and 1,800 ETFs, with no set-up or management fee, up to ten plans running at once and no minimum holding period. Separately, XTB issues a multi-currency card linked to the investment account, holding up to 25 currencies with free account maintenance and commission-free cash withdrawals in participating countries.

XTB also pays interest on uninvested cash balances, with no minimum or maximum balance and interest credited in the first five business days of the following month. Read the headline rate carefully: the 3.50% XTB advertises in Spain is a new-client rate that applies for the first 90 days after the contract is signed, after which the balance earns the standard rate. Standard rates track ECB policy, vary by currency and are revised weekly, so check the live figure on XTB’s own interest page before you commit cash.

On the downside, XTB charges a €10 monthly inactivity fee once an account has gone more than twelve months without a trade and has taken no cash deposit in the previous 90 days. It stops as soon as you trade again. Cryptocurrency CFDs carry relatively high spreads, though forex pricing is competitive. Compensation cover comes from the Polish system run by KDPW, which pays 100% of the first €3,000 and 90% of the remainder up to €22,000, rather than from FOGAIN. On tax, the Spanish branch does not act as a Spanish retenedor either, so gains and dividends go on your IRPF return, with Modelo 720 applying to securities held abroad above €50,000.

Want to know more about XTB? Check our XTB review.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider.

Launched in 1992 in Copenhagen, Saxo (formerly Saxo Bank) is one of the most solidly capitalised entities in the brokerage industry, with a proven long-term track record. Its ownership changed hands recently: J. Safra Sarasin, one of the world’s most conservatively run private banking groups, announced the purchase in March 2025 and completed it on 2 March 2026, taking roughly 71% with founder Kim Fournais retaining about 28%. Saxo carries an A- rating from S&P Global Ratings with a positive outlook, affirmed in August 2026. It gives access to over 71,000 financial instruments through two platforms, SaxoInvestor for straightforward investing and SaxoTrader for active trading on web, mobile and desktop. The older GO and PRO platform names have been retired.

The product range spans cash and margin trading across global markets, including stocks, ETFs, bonds, mutual funds, options, futures, forex, commodities, and CFDs. Saxo positions its research tooling around both long-term investing and leveraged trading.

Saxo’s account tiers are as follows:

• Classic: no minimum funding, the default level on opening an account, with access to competitive spreads and customer and technical support;
• Platinum: qualifies on a deposit of €200,000+ or a given trading volume. Adds up to 30% lower trading costs and prioritised local-language support;
• VIP: qualifies on a deposit of €1,000,000+ or a given trading volume. Offers the best pricing, direct access to trading specialists, and exclusive event invitations;
• Saxo Elite: above €5 million in assets or €200 million of annual trading volume.

Note that each tier can be reached on trading volume as well as on funding, so an active trader with a smaller balance may still qualify.

Pricing varies by account tier. A US stock order costs 0.08% of trade value with a $1 minimum at Classic, and falls at the higher tiers. Saxo does not render those tiered tables publicly, so read the exact rate from the trade ticket in the platform rather than from any published comparison. Accounts holding stocks, ETFs, ETCs, or bonds may also pay a custody fee of up to 0.15% a year, charged with no minimum. Two things matter here: the rate is set by country of residence and is zero in several European markets, and wherever it does apply it is waived entirely once you activate securities lending, on any tier. Over a multi-year holding period that switch is worth more than a small difference in per-trade commission. Saxo does not publish a custody rate for Spain specifically, so read yours from the platform.

Saxo Bank A/S is a fully licensed European bank, licence number 1149, supervised by the Danish Financial Supervisory Authority (Finanstilsynet). It serves Spain cross-border from Denmark, appearing in the CNMV’s register of EU credit institutions operating under freedom of services as number 184. There is a practical consequence worth weighing before you open an account: Saxo has no Spanish branch and no Spanish-language site, so documentation and support come in English. Protection is Danish, through the Depositor and Investor Guarantee Scheme administered by Finansiel Stabilitet, covering cash deposits up to €100,000 and securities up to €20,000 per client.

Retail clients have been able to use DEGIRO since 2013, though the business began five years earlier as an institutional broker. It is a low-cost brokerage that has become widely popular across Europe thanks to its competitive pricing. DEGIRO reports more than 3 million investors across 15 European countries, within a flatexDEGIRO group that counted 3.66 million customer accounts at the end of the second quarter of 2026. Its “do-it-yourself” platform gives Spanish investors direct access to a broad set of assets including stocks, ETFs, bonds, options, futures, warrants, investment funds, and certain leveraged products (not identical to CFDs. More info here).

DEGIRO’s Core Selection ETFs carry €0 commission plus a €1.00 handling fee per order when traded on Tradegate, with no minimum investment and no cap on how many such trades you place in a month. ETFs outside the Core Selection cost €2 plus the €1 handling fee. Both BME (Bolsa de Madrid) and the US markets are priced identically, at €1.00 commission plus €1.00 handling per order, which makes DEGIRO one of the cheapest routes into Spanish equities. The web platform is basic but efficient and easy to learn, and the mobile app follows the same approach.

The connectivity fee is the charge most often misread. It is the lesser of 0.25% of your account value or €2.50 per exchange per calendar year, billed in January on positions held outside your home market, which means a Spanish client trading only BME pays nothing, and neither does anyone holding only Tradegate ETFs. US options and futures are separate, at €5 a month. On the genuine downsides: fundamental research is limited, price alerts are not available, there is no demo account, and DEGIRO pays no interest at all on uninvested cash, which is a real cost against rivals paying 2% or more. Currency conversion costs 0.25%.

On the regulatory side, DEGIRO operates as the Dutch branch of flatexDEGIRO Bank SE, a German credit institution supervised by BaFin and the Deutsche Bundesbank. The bank converted from an AG to a European company (SE) on 30 December 2025, so older references using the former AG name are simply out of date. It reaches Spain cross-border and sits in the CNMV’s register of EU credit institutions operating under freedom of services as number 516. Because it is a German bank, cash held in a DEGIRO Cash Account is guaranteed up to €100,000 under the German deposit guarantee. For securities, if segregated assets could not be returned to clients, German statute caps investor compensation at 90% of the claim with a €20,000 maximum, which is worth bearing in mind if you plan to invest substantially larger volumes.

Still have doubts? Read our full DEGIRO review.

Which platform should you choose?

Choosing a broker in Spain depends on your trading preferences, investment goals, and level of experience. Key factors worth weighing:

• Total cost of ownership: look beyond headline commissions to FX conversion fees, custody charges, inactivity fees, and connectivity costs. Saxo’s custody fee, avoidable by activating securities lending, matters more over a long holding period than a small difference in per-trade commission, and so does the interest a broker pays, or does not pay, on the cash sitting in your account;
• Regulation, and what it actually covers: all six brokers appear in a Comisión Nacional del Mercado de Valores (CNMV) register, but for five of them that entry is a passport notification rather than a Spanish authorisation, and supervision stays with the home regulator: CySEC for eToro, the Central Bank of Ireland for Interactive Brokers, BaFin for Scalable Capital and flatexDEGIRO, Finanstilsynet for Saxo. Only XTB has a CNMV-registered Spanish branch. The consequence people most often get wrong is compensation: FOGAIN’s €100,000 does not cover a firm passporting into Spain. You claim from the home-country scheme, which means €20,000 in Cyprus, €22,000 in Poland, €20,000 for securities in Denmark and Germany, and 90% up to €20,000 in Ireland;
• Market access: check whether the broker offers BME (Bolsa de Madrid), the international markets you need, and instrument types such as options, bonds, or futures;
• EUR base currency: brokers with native EUR accounts avoid recurring conversion costs, and all six now offer one, eToro included since it introduced local-currency accounts. What still differs is what conversion costs when you do need it, from 0.20 basis points at Interactive Brokers to 0.25% at DEGIRO, 0.5% at XTB and 0.75% between eToro’s EUR and USD accounts;
• Tax handling: none of the brokers above act as a Spanish retenedor, not even XTB through its Spanish branch, so nothing arrives pre-filled in your AEAT datos fiscales and you put gains and dividends on your IRPF return yourself. Securities held abroad above €50,000 mean Modelo 720, crypto above €50,000 means Modelo 721, and the old Modelo D-6 for foreign listed holdings disappeared on 1 February 2024. If you would rather avoid the paperwork, Spanish-domiciled providers withhold at source, and Spanish-marketed funds allow traspasos, which no foreign broker can offer because the regime requires a CNMV-registered marketing entity;
• Platform usability and support: Spanish-language customer service and an interface matching your experience level matter more in practice than a long feature list.

Research and compare brokers against your own requirements rather than headline rankings. The best platform for a long-term ETF investor looks quite different from the best one for an active trader.

How your gains are taxed in Spain

Whichever broker you pick, the tax treatment is the same, because it depends on you rather than on the platform. Investment income goes into the base del ahorro, which is taxed on its own progressive scale, separate from your salary. For the 2026 tax year the combined state and regional rates are:

Capital gains, dividends and interest all feed the same scale, so the rate you pay on a sale depends on what else you realised that year. Two points follow from this that the choice of broker does affect. First, none of these platforms withholds Spanish tax for you or reports to the AEAT with your NIF, so you need your own record of every purchase price: keep the annual tax statement each broker issues, because reconstructing a cost basis years later is painful. Second, because the scale is progressive, spreading large disposals across tax years can matter more than the commission you paid to place the trade.

Other FAQs about brokers in Spain